Singapore-based online financing platform Validus Capital has deployed over S$100 million ($73.44 million) for small and medium enterprises (SMEs) funding in the city-state on its platform, it said in an announcement Wednesday.
Established in 2015, Monetary Authority of Singapore-licensed Validus has financed more than 1,400 loans with approvals given out in under 24 hours. It focuses on providing peer-to-peer financing to reduce financial intermediation costs and hasten the access to capital for business expansion.
The average funding amount is S$70,000 ($51,408) per request, said Validus, adding that it has received funding request from various industry classes.
“We have innovations in the pipeline that will give SMEs even more capital flexibility and choice to suit their business strategies, accelerating Validus towards our billion-dollar financing milestone by mid-2020,” said Validus co-founder and CEO, Ajit Raikar.
In May, Validus had launched a S$20 million ($14.92 million) SME financing fund in partnership with asset and wealth manager Lighthouse Canton Group. It has raised a $3 million Series A round from Vertex Ventures, the venture arm of Temasek Holdings, last July.
Vertex Holdings CEO, Kee Lock Chua commented: “As a lead investor and primary partner when Validus first started out, Vertex has been able to see first-hand how it has positively impacted SMEs to accelerate their growth and capabilities. While investment returns are important, what we value the most are companies that solve challenges and have societal impact – that’s exactly what Validus is doing.”
Validus also worked with various financial partners including Visa, EQ Insurance and National University of Singapore to boost the local P2P lending ecosystem.
Against the backdrop of an S$20 billion SME financing gap in Singapore, Validus Capital aims to finance at least S$1 billion ($750 million) of the gap in the coming three years and it aims to raise a Series B by end of the year, Raikar had told this portal.